Ripple price prepares for a rally as lawyers oppose the SEC’s delay tactics
- Ripple’s lawyers have called out the Securities & Exchange Commission’s delay tactics while condemning their request to file additional briefs.
- The SEC’s delay tactics have been criticized by Ripple’s lawyers, since the recent filing is the sixth one opposing the payment giant.
- Ripple price has remained essentially unchanged; analysts predict a recovery in the altcoin.
Ripple’s lawyers called out SEC’s delay tactics and opposed the regulator’s request to file additional briefs on internal documents related to William Hinman,former SEC director. Hinman’s emails are protected from disclosure by the regulator.
Ripple condemns SEC’s stance to delay progress in the case
Matthew C. Solomon, the counsel of Ripple and its defendants, submitted a new filing on behalf of the payment giant, calling out the Securities & Exchange Commission’s (SEC) delay tactics. The regulator has attempted to delay the outcome of the SEC vs. Ripple case and filed additional briefs in support of internal documents related to William Hinman.
Hinman is the former director of the SEC’s division of corporation finance, and the regulator is currently intent on keeping internal documents related to William Hinman privileged. The documents are currently protected by the attorney-client privilege.
FINALLY I feel like Ripple has taken the gloves off and is talking about how ridiculous the SEC's litigation tactics surrounding the "Hinman emails" are.
— Jeremy Hogan (@attorneyjeremy1) May 3, 2022
The judge may still allow the sur-reply but at least Ripple is calling out the delay tactics strongly. https://t.co/mKpJVUsrHG pic.twitter.com/x5W5ht5JvX
This filing from the SEC is the sixth in a series, in opposition to Ripple and its defendants. The SEC has had the opportunity to assert its privileges as discovery closed months ago. On the eve of summary judgment filing, the SEC’s requests could delay the case's outcome.
James K. Filan, a Ripple proponent and attorney, revealed that the defendants have filed for an extension until May 13 to respond to SEC’s assertions.
The SEC vs. Ripple case updates have indirectly influenced the altcoin’s price. The community applauded Ripple’s latest move and the XRP price has remained essentially unchanged.
Analysts have evaluated the XRP price trend and revealed a bullish trend. Rudy Fares, a crypto analyst and trader, notes that the Ripple price has formed a descending triangle on the yearly chart. This is a bullish sign for Ripple price and the altcoin could breakout soon, targeting the $0.91 level.
XRPUSD Price Chart
Author
Ekta Mourya
FXStreet
Ekta Mourya has extensive experience in fundamental and on-chain analysis, particularly focused on impact of macroeconomics and central bank policies on cryptocurrencies.
